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Financial News: Yellen Signals Rate Hike In Swan Song To

Yellen Signals Rate Hike In Swan Song To Congress

11/29/2017 - 10:09:00 (RTTNews)

(RTTNews) - Federal Reserve Chair Janet Yellen Wednesday morning cemented expectations for a U.S. interest rate hike in December with a rosy assessment of the domestic economy.

The outgoing Fed leader, in prepared remarks ahead of what is likely to be her final appearance before Congress, also said that inflation will move toward the Fed's 2% annual target.

"The economic expansion is increasingly broad-based across sectors as well as across much of the global economy," Yellen said in her remarks. "I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen further, supporting faster growth in wages and incomes."

"We continue to expect that gradual increases in the federal funds rate will be appropriate to sustain a healthy labour market and stabilize inflation around (our) 2 per cent objective," Yellen said.

Her remarks echo those of Jerome Powell, President Donald Trump's nominee to replace Yellen at the end of her term in January.

In his confirmation hearings earlier this week, Powell said that modest and gradual rate hikes will be appropriate as long as the economy continues to improve.

The Fed meets December 12-13, where they are expected to raise interest rates for the third time this year. Three more rate hikes are projected for 2018, but stubbornly low inflation has given some Fed officials reason for pause.

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